DRB-Hicom Bhd has appointed the former CEO of Malaysian Resources CorpBhd, Datuk Mohamed Razeek Md Hussain as its chief operating officer for services & properties, with effect from Sept 1.

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Digistar CorporationBhd has fixed the issue price for the private placement of 22.40 million new shares of 10 sen each at 32.5 sen each.

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KUALA LUMPUR: Malaysian Resources CorpBhd's (MRCB) ex-CEO, Datuk Mohamed Razeek Md Hussain Maricar, will be joining DRB-Hicom as one of its chief operating officers, with a focus on revitalising the company's property division, according to sources familiar with the matter.

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PETALING JAYA: The Government's decision to acquire the Eastern Dispersal Link (EDL) in Johor Baru from Malaysian Resources CorpBhd (MRCB) has helped resolve major uncertainties pertaining to a "non-tolling" situation and improve the balance sheet of MRCB, according to UOB Kay Hian Research.

ZAQ Construction sues Muhibbah Eng, CIMB Bank, APH and R&M

PETALING JAYA: ZAQ Construction Sdn Bhd, the managing contractor in the Asia Petroleum Hub (APH) project, has filed a lawsuit against Muhibbah Engineering (M) Bhd and three other parties, namely CIMB Bank Bhd, APH and Lim San Peen - the receiver and manager (R&M) appointed by CIMB for APH.

KUALA LUMPUR: Proton Holdings Bhd has everything to become profitable and successful if DRB-Hicom Bhd takes the right business decisions, former chief of the national car maker, Tengku Tan Sri Mahaleel Tengku Ariff, said.

He said placing the right person to lead the company will be very important to drive Proton back to glory.

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Tengku Mahaleel said it is now up to DRB-Hicom to decide on the most suitable person to run the company.

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In January, state asset manager Khazanah Nasional Bhd announced the sale of its 42.74 per cent stake in Proton to DRB-Hicom for RM1.291 billion.

The sale was concluded in March and DRB-Hicom appointed its Managing Director Datuk Seri Mohd Khamil Jamil as Proton Executive Chairman and Executive Director, replacing Datuk Seri Nadzmi Salleh, who tendered his resignation days after the completion of the deal.

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It is widely believed that DRB-Hicom Chief Operating Officer Datuk Lukman Ibrahim is poised to take over from Syed Zainal.

Asked on the capability of DRB-Hicom to drive Proton to future glory, Tengku Mahaleel said: "I cannot comment on DRB-Hicom or the decisions that they have taken because I have never worked with them.Asked on the capability of DRB-Hicom to drive Proton to future glory, Tengku Mahaleel said: "I cannot comment on DRB-Hicom or the decisions that they have taken because I have never worked with them.

DRB-Hicom Bhd has appointed its group chief operating officer Mohd Redza Shah Abdul Wahid as an executive director of the company.

The appointment took effect on Nov 28.He was appointed DRB-Hicom group COO in March this year.

Mohd Redza was the group chief executive officer of Tradewinds CorporationBhd from October 2002 to November 2005 before joining DRB-Hicom as senior group director (designate) of financial services and treasury.

Mohd Khamil, 50, who is the deputy group managing director, will take over the place of Tan Sri Mohd Saleh Sulong who will retire this Wednesday.

In a statement to Bursa Malaysia Monday, DRB-Hicom said Mohd Redza Shah Abdul Wahid, 43, has been appointed as group chief operating officer.

Prior to joining DRB-Hicom, he was the group chief executive officer (CEO) of Tradewinds CorporationBhd and acting CEO for Tradewinds (M) Bhd from 2004 to 2005.

The company also appointed Tan Sri Ab Rahman Omar as the executive advisor to the group's automotive and component manufacturing division, as part of its rationalisation exercise to give the company even more agility and dynamism as it embarks on new areas of growth.

In a separate statement meanwhile, DRB-Hicom said it will be disposing its shares in Hicom-Suzuki Manufacturing Malaysia Sdn Bhd (HSMM) in exchange for cash and shares in Suzuki Motorcycles Malaysia Sdn Bhd (SMM).

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It added, the proposal would provide an opportunity for DRB-Hicom to participate in the assembly, sale and distribution of Suzuki motorcycles in Malaysia.

For the third quarter ended Dec 31, 2005, DRB-Hicom posted a pre-tax loss of RM165.969 million versus a pre-tax profit of RM64.107 million posted in the same period of 2004.